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Instabase draws in $105M in series B round

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Instabase draws in $105M in series B round

Business applications platform Instabase Inc. received $105 million in a series B financing round led by Index Ventures.

Current investors Greylock Partners, New Enterprise Associates and Andreessen Horowitz LLC joined the round alongside Spark Capital Partners LLC, Tribe Capital, SC Ventures and Glynn Capital Management LLC.

Following the transaction, Index Ventures Partner Sarah Cannon will join the company's board.

Instabase intends to use the fresh capital to boost its recruiting and scale its core platform.

The company secured about $23.2 million in venture capital in May 2017, according to S&P Global Market Intelligence data.